We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Redundancy Advice Pls
amc1
Posts: 1,318 Forumite
Hi, I'm potentially being made redundant and I have some questions if anyone can help pls.
1. Is redundancy pay paid via normal salary channels ie. your PAYE monthly payslip. Will the £30,000 tax free bit be automatically worked out or will I have to claim it back from the tax office ?
2. As it's coming towards the end of the FY, I will pay 40% tax on the rest. Can I ask that the company pays £n thousand of the redundancy into my current money purchase pension scheme before working out tax etc. Or do I need to do this myself after payment and then claim back ? I will thereby save on my tax liabilities. How much can I transfer into my pension scheme ?
Thanks.
1. Is redundancy pay paid via normal salary channels ie. your PAYE monthly payslip. Will the £30,000 tax free bit be automatically worked out or will I have to claim it back from the tax office ?
2. As it's coming towards the end of the FY, I will pay 40% tax on the rest. Can I ask that the company pays £n thousand of the redundancy into my current money purchase pension scheme before working out tax etc. Or do I need to do this myself after payment and then claim back ? I will thereby save on my tax liabilities. How much can I transfer into my pension scheme ?
Thanks.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards